These are tough times we are living in right now, talking about our domestic economy. Yes, the unemployment rate has been slightly decreasing over the past few months, but it is still sitting at a worrying 5.1% as stated in the January report. Not only that, but there is a general lack of financial education roaming around, and proof of that are some of these stunning statistics.
By the end of the year 2016, the average household in the United Kingdom will be around £10K in debt – not accounting for any type of mortgage rates. Also, the average British adult will owe slightly over £47K in total debt, by the end of the year 2020, most of it will be because of the increasing mortgage rates. And arguably, the most shocking statistic of all is that every 5 minutes and 55 seconds, someone is declaring themselves as insolvent in England and Wales.
But what can we do if our domestic economic health is struggling so much these days? The answer might just lie in becoming a freelancer. Freelancing is quite a broad concept in itself, but basically, being a freelancer means that you can offer your services – preferably online – without any strong or formal bonding relationship towards your contractor, much like independent professionals do.
Becoming a freelancer, however, can also imply the practice of other forms of income generation. So, we’ll cover the two most popular ways people begin their freelancing journey. Online freelancing as a service, and online investments.
Freelancing as Services Suppliers.
The key to being successful here lies in accurately identifying your strengths and focusing on them. Some services might be momentarily more in demand than others, but whatever it is you’re good at, there is someone out there willing to pay for your services.
Some examples are the ever-growing Virtual Assistant industry, the IT gurus, creative writers, and everything related to linguistics, such as translation, transcription, interpreting, proof-reading, and tutoring.
You could try flying solo or joining an agency – which in a way is similar to landing a job, except it would be from the comfort of your own home. The whole idea of becoming your own boss, however, could still sound a little scary and full of uncertainties, but these statistics will prove otherwise.
By the end of 2020, over half of the working population in both Great Britain and the United States will be comprised of self-employed entrepreneurial workers. There is also an expected freelancing annual growing rate of about 3.5% in the United Kingdom. All of these numbers are empowered by the non-stopping technology rampage, which is making it so much easier for both freelancers and companies, to find the right match to their needs.
Freelancing as Online Investors.
Some people might argue that gambling is not considered as a form of investment due to the nature of chance, but with proper training, an ice-cold heart, and nerves of steel, you could become extremely successful playing online poker tournaments. Unlike the roulette, in card games, you can truly use the statistics to your advantage, which will give you an edge over your opponent, even when you’ve been dealt a lousy hand.
Alternatively, more and more people are turning their heads towards creating an investment portfolio, comprised not only of tangible assets like treasury bonds or real estate but also of intangible investments, such as shares and the exchange of foreign currencies. This is mainly possible due to the increased popularity of online trading platforms such as CMC Markets, which are offering investors a chance to operate on margin trading, at a significantly lower initial capital required, when compared to traditional brokers.